Market Watch: Terra USTC Skycokets 62%, EthereumPOW Up 17%

After hitting a multi-month high above $24,000 yesterday, bitcoin has rebounded violently and has fallen nearly $1,000 since then.

Most altcoins are also in the red today, but there are a few notable exceptions. The so-called classic tokens of the Terra ecosystem, as well as ETHW, are all two-digit.

BTC remains at $24K

Bitcoin closed out its best month in over a year in January, though it fell below $23,000 by its end. The focus was on the US Federal Reserve on February 1 as it was set to conclude its first FOMC meeting of the year and raise key interest rates by 25 basis points.

That’s exactly what happened on Wednesday, as US interest rates have now risen to 4.75. Although it did not lead to immediate price swings, BTC subsequently moved on, jumping to $24,350 (on Bitstamp).

This was the highest price for bitcoin since last August. However, the bulls came out to play at this point and have since pushed the show south hard. As a result, Bitcoin dropped below $23,500, where it is also currently residing.

However, its market capitalization remained above $450 billion, but its dominance over altcoins fell to 42%.

BTCUSD. Source: TradingView

USTC, LUNC, ETHW Skyrocket

While most of the major changes have mellowed somewhat, the Terra Classic and USTC have both gone in the opposite direction. Both tokens from the Terra ecosystem are double digits, with the USTC rally being particularly impressive. The controversial algorithmic stablecoin is up more than 60%.

Ethereum POW is another notable daily gainer, up 17% to $4.6. Meanwhile, Ethereum fell 1.5% to $1,650. Binance Coin, Ripple, Cardano, Dogecoin, Polygon, OKB, Solana, and Litecoin also appear in the red from the large vaults.

Polkadot and Shiba Inu are among the few exceptions, as is Ethereum Classic. All of these increased by up to 5%.

The cumulative market capitalization of all crypto assets has lost some of its gains since yesterday and is now down to $1.075 trillion.

Overview of the cryptocurrency market.  Source: Quantify Crypto
Overview of the cryptocurrency market. Source: Quantify Crypto

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